Precious metals futures inch higher

NEW YORK (CBS.MW) - Most precious metals futures closed higher Wednesday, as Russia's suspension of exports over the weekend sparked concern over near-term supplies.

The Russian Ministry of Finance announced Tuesday the suspension of all precious metals exports from Aug. 25. The suspension results from a decree signed in June by Vladimir Putin that establishes new rules for precious metals exports but doesn't provide adequate system controls, according to Ross Norman, director of TheBullionDesk.com in London.

"Ironically, while the short-term impact of the announcement is some price firmness, the longer term impact can only have been to further weaken demand side fundamentals," said Norman, noting that industries will push ahead vigorously to substitute the metals in key applications such as autocatalysts and electronics.

Following the news, September palladium tacked on 15 cents to close at $472.65 an ounce a day after touching a 3-week intraday high at $479. October platinum rose to an intraday high at $466.50 before slipping to $459.60, down $1.30.

Metals stocks mostly higher

In other precious metals action, most metals issues built on the gains seen late Tuesday.

Gold futures rise

On the Commodities Exchange division of the New York Mercantile Exchange, gold for December delivery rose to an intraday high at $276.40 an ounce. It closed at $275.80 an ounce, up $1.40. September silver added 0.2 cent to $4.185 an ounce.

As of late Tuesday, Comex gold warehouse stocks were unchanged at 793,647 ounces and silver supplies were down 500,155 to 102.7 million ounces.

In other metals action, September copper climbed by 0.45 cent to 69.55 cents an ounce. The London Metals Exchange pegged copper supplies at 662,675 metric tons as of early Wednesday, down 4,100 from a day earlier. Comex stocks, by late Tuesday were up 921 to 184,905 short tons.

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